Sony Is Said to Join BMG in Bid for EMI Assets ; Giants of Music Industry Planning to Buy, and Then Share, Catalogs

By Sisario, Ben | International Herald Tribune, January 9, 2013 | Go to article overview

Sony Is Said to Join BMG in Bid for EMI Assets ; Giants of Music Industry Planning to Buy, and Then Share, Catalogs


Sisario, Ben, International Herald Tribune


The two are making a joint bid for EMI assets that are being sold by Universal Music Group, according to people with knowledge of the talks.

Sony and BMG, onetime partners in one of the music world's biggest mergers, are teaming up again on a bid to buy -- and then share -- some of the recorded music assets of EMI, according to two people with direct knowledge of the talks.

The EMI assets are being sold by Universal Music Group, which took over the company last year for $1.9 billion but is being required by the European Union to dispose of about one-third of it to preserve competition.

The EMI labels up for sale include Parlophone, with bands like Coldplay and Gorillaz, along with EMI's extensive classical catalog and other labels and subsidiaries across Europe. Universal is said to be seeking at least $650 million for the businesses, according to these people, who spoke on the condition of anonymity because the talks were private.

Sony and BMG -- which merged in a joint venture in 2004, then split up four years later when Sony bought out BMG's share -- have agreed to submit a bid together in the EMI auction. …

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